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1. THE BEGINNING
This innovation came to life when…
We realised how difficult it is for billers and customers to set up and manage direct debits — still predominantly a paper process in an online world. We invented a process to easily capture direct debits electronically and wrote a patent (since granted) to protect our business.
2. WHAT & HOW
The purpose of this innovation is to…
Enable customers of billers to set up and manage their direct debits with a PC, tablet or smartphone in real time and reduce biller costs by 90-95%.
It does this by…
A cloud-based app capturing and storing the required information securely and as a relationship service that can be leveraged across many billers or used as a branded tool by major billers.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
It replaces paper and as our granted patent shows it is truly innovative and does not exist anywhere in the world.
The benefits to the customer/end-user include…
Dramatically reducing the time and costs of setting up and managing direct debits for billers and making it simple and providing greater control to consumers in managing their bill payments.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Consumers filling out paper forms, posting them to billers where data entry occurred with up to 30% error rates before entering them into their systems and storing paper forms for many years.
Its predecessors/competitors include…
Paper manufacturers, envelope makers and snail-mail postal services. More recently BPay but BPay does not support direct debit which is the only “pull” payment system where payments are biller-initiated guaranteeing on-time payment.
5. TARGET MARKET
This innovation is made for…
Australia’s major billers and the other 20,000 companies in the Australian Direct Debit System. Australia’s consumers who already make 800 million direct debit payments a year which is only 20% of the market.
Beyond Australia we have patents near approval in the USA and Canada and have identified further international markets in Europe, Asia, Africa and South America.
6. DISTRIBUTION STRATEGY
It is available for sale through…
Controlabill’s business development team and we are also seeking channel partners through existing technology suppliers to billers, banks, payment and postal service companies.
Our marketing strategy is to…
Drive growth in direct debit by making it simple for consumers and enabling billers to reduce their payment processing costs by 80%.
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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.